Ibe Kachikwu, yesterday, disclosed that the Federal Government has reached a $5 billion settlement agreement with five International Oil Companies, IOCs, over debts owed the companies between 2010 and 2015.

Kachikwu stated that the companies — Royal Dutch Shell, ExxonMobil, Eni,Chevron and Total — would be paid the sum to cover outstanding joint exploration and production payments.

According to the report, the companies have already signed the deal, which is still subject to the approval of two regulatory agencies as well as President Muhammadu Buhari, while they also seek to forge new financing arrangements for their joint ventures in Nigeria.